What is the Historic and Current Scenario of the FRP Vessels Market?
The frp vessels market has seen considerable growth due to a variety of factors.
• In recent times, the market size for FRP vessels has seen robust growth. It's projected to increase from $3.36 billion in 2024 to $3.63 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.0%. Several factors have spurred growth in the historic period, including the need for corrosion-resistant materials, cost efficiency, lightweight structures, ease of manufacturing and chemical resistance.
What Can Be Expected from the FRP Vessels Market Size Evolve over the Forecast Period?
The FRP Vessels market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for FRP vessels is anticipated to witness robust growth in the coming years. The market is projected to expand to $5 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 8.4%.
This expected growth during the prediction period can be credited to factors such as increasing environmental worries, improvements in composite technologies, expansion of renewable energy, a surge in water treatment needs, and infrastructure build-up in emerging markets. Lightweight design, incorporation of intelligent monitoring systems, applications in the oil and gas industry, sustainability, and environmental considerations will be significant trends during the forecast period.
What Are the Critical Driver Fuelling The FRP Vessels Market's Growth?
The rise in demand for vehicles running on alternative fuels is predicted to turbocharge the FRP vessels market's growth trajectory. Cars that don't depend on standard gasoline or diesel, instead utilizing alternative fuels like ethanol, electricity (including solar-generated), and biodiesel, are termed as alternative fuel vehicles (AFVs). FRP vessels come handy in making various electric vehicle components, thanks to their superior strength-to-weight ratio that enhances fuel efficiency and component longevity. A report by the U.S. Energy Information Administration, a government agency, in November 2023 revealed that battery-electric vehicles (BEVs) accounted for 17.7% of new light-duty vehicle sales in the third quarter of 2023. Meanwhile, BEVs' share in total new vehicle sales for the year has risen to 16.0%, up from 12.5% in 2022, and 9.0% in 2021, as per the data shared by Wards Intelligence. These figures emphasize an ascending drive in electric vehicle demand, suggesting a shift in consumer preference and market growth. Hence, the escalating demand for vehicles using alternative fuels contributes to the expansion of the FRP vessels market.
How Is The FRP Vessels Market segmented?
The FRP vessels market covered in this report is segmented –
1) By Fiber: Glass, Carbon, Other Fibers
2) By Resin: Polyester, Epoxy, Other Resins
3) By Applications: Automotive And Transportation, Chemicals, Industrial, Oil And Gas, Water And Wastewater, Other Applications
Subsegments:
1) By Glass Fiber: E-Glass Fiber, S-Glass Fiber
2) By Carbon Fiber: Prepreg Carbon Fiber, Standard Carbon Fiber
3) By Other Fibers: Aramid Fiber, Natural Fibers, Basalt Fiber
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What New Trends Are Influencing The FRP Vessels Market?
The fiber reinforced plastic vessels market is increasingly witnessing the development of low-weight transportation FRP vessels as a prominent trend. Major players are directing their attention towards the invention of these light-weight FRP vessels to maintain a significant competitive edge in the market. An illustrative example of this would be Universal Hydrogen, an American company specializing in carbon-free hydrogen transport. They recently unveiled a new product - a twin-tank module designed for 50-seat aircraft. Its carbon fiber-wrapped pressure vessels can store H2 gas at 850 bar, which provides a 400-nm range for Dash 8 or ATR turboprop regional aircraft. This enables easy transportation and loading using the existing infrastructure.
Who Are the Key Players In The FRP Vessels Market?
Major companies operating in the FRP vessels market include:
• Belco Manufacturing Co.
• Augusta Fiberglass Coatings Inc.
• Enduro Composites Inc.
• ZCL Composites Inc.
• Hengrun Group Co. Ltd.
• RL Industries
• Denali Incorporated
• L.F. Manufacturing Inc.
• EPP Composites Pvt. Ltd.
• Composite Advantage LLC
• Cekaseal Composite
• CMI Composites
• CGH Belgium Group
• Watts Water Technologies Inc.
• Plasticon Composites
• Ashland Global Holdings Inc.
• Ershigs Inc.
• National Oilwell Varco Inc.
• Continental Steel & Tube Co.
• Industrial Plastic Systems Inc.
• Beijing Zhongxing Shiqiang Fiberglass Reinforced Plastic Co. Ltd.
• Composites USA
• Amiblu Holding GmbH
• Shreya Industries
• Balaji Fiber Reinforce Pvt. Ltd.
• KCH Services Inc.
What Is The Most Dominant Region In The FRP Vessels Market?
Asia-Pacific was the largest region in the FRP vessels market share in 2024. The regions covered in the FRP vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
